Ag Market Commentary

Corn futures are showing fractional to 1 1/4 cent gains at midday. More than 85% of the GA corn crop had already been harvested as of a week ago, so flooding of grain storage is the main concern there rather than field exposure. The Crop Progress report will be out later today. In general the trade is looking for lower crop ratings tonight because of dry conditions in the Corn Belt. This morning’s USDA Export Inspections report indicated corn shipments of 662,173 MT. That is 19% lower than last week and 30.62% behind last year.Analysts are expecting the USDA to show new crop world ending stocks nearly 3 MMT lower than August at 197.8 MMT.

Sep 17 Corn is at $3.45 1/2, up 1 1/4 cents,

Dec 17 Corn is at $3.57 1/4, up 1/2 cent,

Mar 18 Corn is at $3.69 3/4, up 3/4 cent

May 18 Corn is at $3.77 1/4, up 1/2 cent

Soybean futures are currently 1 1/4 to 1 3/4 cents in the red. Sept soy meal is down 90 cents/ton, with nearby bean oil 7 points higher. This morning now Tropical Storm Irma is moving into Georgia with some damage to soybean production expected as it is all still in the field. However, GA represents less than 1/10th of 1% of estimated US production. The USDA reported a private export sale of 352,000 MT of soybeans to unknown destinations for 17/18 delivery through their daily system. The Export Inspections report showed soybean shipments 55.61% above last week and 16.62 larger than a year ago at 1.11 MMT. Ahead of Tuesday’s USDA supply and demand report, traders are estimating 17/18 world soybean ending stocks will show a slight reduction from August, at 97.2 MMT.

Sep 17 Soybeans are at $9.54 3/4, down 1 3/4 cents,

Nov 17 Soybeans are at $9.60 1/2, down 1 1/2 cents,

Jan 18 Soybeans are at $9.70 3/4, down 1 1/4 cents,

Mar 18 Soybeans are at $9.79 1/4, down 1 1/4 cents,

Sep 17 Soybean Meal is at $300.00, down $0.90

Sep 17 Soybean Oil is at $34.66, up $0.07

Wheat futures are trading lower on Monday. KC is the weakest, down 6 to 7 cents, with CBT and MPLS fractionally to 4 cents lower. Wheat inspections for export totaled 446,957 MT for the week of September 7, 53.74% larger than last week but 39.93% behind last year. Analysts are expecting the USDA will adjust the world wheat carry over slightly lower on Tuesday. They are currently projecting 264.3 MMT in 17/18 world ending stocks. Australian 2017/18 wheat production was lowered to 21.6 MMT by the country’s ABARE.

Sep 17 CBOT Wheat is at $4.13 1/2, down 1/4 cent,

Sep 17 KCBT Wheat is at $4.09 1/4, down 6 1/4 cents,

Sep 17 MGEX Wheat is at $6.26 1/4, down 4 cents

Live cattle futures are mostly 22.5 to 47.5 cents lower at midday. Feeder cattle futures are mixed, with nearby Sep lower and back months in the green. The CME feeder cattle index was up $1.19 from the previous day at $148.24 on September 7. Wholesale beef prices were lower in the Monday morning report, with the Ch/Se spread narrowing to $1.49. Choice was down 64 cents at $191.24, as select boxes were 22 cents lower at $189.75. FI weekly cattle slaughter was estimated at 555,000 head through Saturday, which is 26,000 head larger than the 2016 Labor Day week. Cash trade was mostly around $105 last week, steady with the prior week and below the nearby futures.

Oct 17 Cattle are at $106.850, down $0.475,

Dec 17 Cattle are at $112.625, down $0.225,

Feb 18 Cattle are at $116.300, down $0.325,

Sep 17 Feeder Cattle are at $147.775, down $0.100

Oct 17 Feeder Cattle are at $148.700, up $0.275

Nov 17 Feeder Cattle are at $148.500, up $0.275

Lean hog futures are posting 10 to 50 cent losses on Monday. The CME Lean Hog Index for 9/7 was 43 cents lower than the previous day at $68.94. The USDA pork carcass cutout value was $1.44 higher in the Monday morning report, with a weighted average of $83.56. The loin and ham were the only cuts lower. The national base hog carcass was delayed this morning due to packer submission issues. Estimated FI weekly hog slaughter was 2,170,000 through Saturday, 84,000 larger than the same week in 2016.

Oct 17 Hogs are at $61.650, down $0.500,

Dec 17 Hogs are at $58.625, down $0.275

Feb 18 Hogs are at $63.650, down $0.100

Cotton futures are mostly 149 to 195 points in the red on Monday.Hurricane Irma was degraded into Tropical Storm Irma, as it moves into GA. Georgia represented 14% of total estimated US cotton production in the August NASS report. Total export commitments for all upland cotton are now 54% of the USDA export projection. That is above the average of 38% and last years 33%. The USDA updated the AWP to 64.13 cents/lb, good through next Thursday. The Cotlook A index for September 8 was 25 points lower than the previous day to 84.05 cents/lb. China sold 26,600 MT of the 28,300 MT offered at an auction of state cotton reserves on Monday.

Oct 17 Cotton is at 73.64, down 195 points,

Dec 17 Cotton is at 72.62, down 197 points

Mar 18 Cotton is at 71.87, down 154 points

May 18 Cotton is at 72.180, down 149 points

Market Commentary provided by:

Brugler Marketing & Management LLC
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